Finance Magnates reported yesterday about the latest activities of France’s financial regulators after they issued a new warning against forex websites not authorized to carry out business in its jurisdiction.
Relatedly, the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) have expanded its blacklist to include the services of another fraudulent entity, bringing to light a possible clone which pretends to be Admiral Markets.
Although not blatantly claiming to be regulated or associated with a licensed operator, it is clear from visiting the clone firm’s website that it attempts to mislead investors that it is offering a legal product through using the details of an authorised firm operating under the name Admiral Markets (UK) Ltd.
The original company, Admiral Markets (UK) Ltd, is licensed by the UK Financial Conduct Authority (FCA) to offer a set of financial services and also approved to provide cross border services across the EU / EEA under European passport rights.
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The blacklisted entity Admiral Markets Global Solutions Ltd operates under the domain name, www.admiralmarketsltd.com, which prompted action from the regulated company.
Finance Magnates has received the following statement from Admiral Markets as a response to the situation.
It has come to the attention of Admiral Markets that a clone website has been operating under the same company name. France Financial Markets Regulator Autorité des Marchés Financiers (AMF) has added this fraudulent website to their list of dubious firms:
- www.admiralmarketsltd.com / Admiral Markets Global Solutions Ltd
Admiral Markets is not associated with nor related to this clone company and strongly advises everyone to avoid it entirely. Admiral Markets has taken actions with respective authorities (police, regulators, domain hosters and other institutions) to find a solution, as the clone website misrepresents the Admiral Markets brand.
Admiral Markets is fully regulated by the Financial Conduct Authority (FCA Register No. 595450) and follows all requirements and laws regulating the industry. Any other unauthorised persons, companies or websites using the Admiral Markets brand for fraudulent activities, not only break the applicable laws, but also do not comply with the basic rules of investor protection, information disclosure, claims handling and other regulatory obligations.